U.S. consumer credit and debit card spending so far in 2022 is up 15 percent on a year earlier, Bank of America research showed on Wednesday, a sign that Americans’ gloom about the economy owing to high inflation has yet to translate into lower demand. In fact, lower-income households—often described as the most vulnerable to…
US Consumers, Low-Income Households Included, Still Spending, BofA Research Says
Deliveroo Warns of Slower Consumer Spending After Posting 12 Percent Rise in Order Value
April 13, 2022
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Britain’s Deliveroo said on Tuesday that consumer spending could slow for the remainder of the year after the food delivery firm reported higher order values for the first quarter. The warning comes as Europeans face a cost-of-living squeeze due to higher energy bills and soaring inflation, exacerbated by the Russia–Ukraine crisis. The quarterly 12 percent…
Congress Falls Off Wagon, Leaps Back Into the Pork Barrel With $9.6 Billion in New Earmarks
News Analysis Sen. Tom Coburn (R-Okla.) earned his “Dr. No” nickname in the U.S. Senate with his determined opposition to earmarks, which he called “the gateway drug for federal spending addiction” that hooks so many senators and representatives. Thanks largely to Coburn’s exposure of infamous earmarks like Alaska’s “Bridge to Nowhere,” Congress in 2011 banned…
Congress Falls Off Wagon, Leaps Back Into Pork Barrel With $9.6 Billion in New Earmarks
News Analysis The late Sen. Tom Coburn (R-Okla.) earned his “Dr. No” nickname in the U.S. Senate with his determined opposition to earmarks, which he called “the gateway drug for federal spending addiction” that hooks so many senators and representatives. Largely because of Coburn’s exposure of infamous earmarks such as Alaska’s “Bridge to Nowhere,” Congress…
US Republicans Want Higher Defense Spending, Citing Ukraine and China
March 24, 2022
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WASHINGTON—A group of 40 U.S. Republican members of the Senate and House of Representatives Armed Services Committees urged President Joe Biden to include a 5 percent increase above inflation for defense spending in his proposal for the fiscal 2023 U.S. budget. Biden is expected to announce his budget next week. “As you prepare your fiscal…
I Hate Spending Money: How to Learn to Spend Less and Save More
In the words of Maya Angelou, “Hate, it has caused a lot of problems in this world, but has not solved one yet.” While it’s normal to occasionally have hateful feelings, holding on to this feeling for too long can be unhealthy to the mind and body. Because of this, there aren’t too many things…
Could You Go a Year Without Spending?
A few years back, Eric and Donna Reed shopped for groceries and household products just once for an entire year. How on Earth? I know. That was my reaction, too. The Reeds got the idea after reading a column in USA Today wherein the writer confessed to his weakness when it came to buying clothes….
Democrats’ Omnibus Bill Would Provide $730 Billion In Non-Defense Spending
Democrats unveiled the draft of their 2022 omnibus spending bill early Wednesday morning. The package, which carries a top-line price tag of $1.5 trillion, includes $730 billion in non-defense funding, the largest increase in non-defense funding in four years. The bill, which maintains a roughly one-to-one parity between defense and non-defense spending—as has been demanded…
Public Sector Unions to Gain Big From Record Whitmer Budget
February 11, 2022
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A half-dozen public and private sector union heads lined up on Feb. 9 to praise the announcement of Michigan Gov. Gretchen Whitmer’s proposed $74 billion state budget. The last state budget before Whitmer, a Democrat, took office was in fiscal year 2018. It contained $57 billion in spending. Republican strategist Jamie Roe told The Epoch…
Bank of America Customers Made $335 Billion in Payments in January
NEW YORK—Bank of America said on Monday its customers made $335 billion in total payments in January, a 17 percent increase over January 2021. Credit and debit card spending was up 16 percent to $65 billion, with credit card spending up 28 percent, the bank said. The strong spending figures are good signs for the…
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